Home Loan

A Loan For Your Dream House
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Overview

Your Home is where you unwind in the wake of returning from your day's tiring work, it is that spot where you can offer time to your family and go through delightful minutes with them. To gain a home which can be initiated your "Very own House" is an actual existence time choice and must be taken with a great deal of arranging and requires enormous funds. Your Dream Home isn't far away with a Home Loans which will satisfy your Dream into a reality.Indexia Finance Home Loan We at Indexia Finance are working always to get you the BEST Loans Deal and have brought a little guide which would address some significant inquiries identified with Home Loans and assist you with choosing your advances bargain.


Types of Home Loan

There are various sorts of home credits accessible in the market to provide food borrower's various needs.

Home Purchase Loan : This is the fundamental kind of an advance which has the motivation behind obtaining another house.

Home Improvement Loan :This kind of credit is for the remodel or fix of the home which is as of now purchased.

Home Extension Loan : This kind of credit fills the need when the borrower needs to broaden or extend a current home, such as including an additional room and so on.

Home Conversion Loan : It is that credit wherein the borrower has just taken a lodging advance to fund his present home, yet now needs to move to another home. The Conversion Housing Loan causes the borrower to move the current advance to the new home which requires additional assets, so the new credit pays the past advance and satisfies the cash required for new home.

Bridge Loan : This kind of advance helps account the new home of the borrower when he needs to sell the current house, this is typically a momentary advance to the borrower and aides during the break time frame when he needs to sell the old house and needs to purchase another one, It is given till the time a purchaser is found for the old house.

Home Construction Loan :This sort of credit taken when the borrower needs to build another house.

Land Purchase Loan : It is that advance which is taken to buy a land for development and speculation purposes.


Note :-

Following are eligible to apply for a Home Loan :

Salaried individuals

Self employed professionals/businessmen

You can include your spouse/parents/children as co-applicant if you require higher eligibility subject to maximum of three applicants


Monthly Income

The income that we get in hand on month to month bases is said as Monthly Income. While taking a Home Loan the Bank initially calculate on the bases of net income that is left in our hand after deduction of all other emi’s. The Bank initially calculates on the bases of net income that is left in our hand after deduction of all other emi’s.


Other EMI

Other Emi (Equally monthly installment) is the emi that we are paying to for any other Loan.


Available Income

The income that is left in our hand after deduction of any emi amount that we are paying for any kind of loan. Your Home Loan Eligibility Calculator will be calculated after deduction of the EMI’s that you are paying.


Duration of Loan (Years)

It’s one of the most important factors that one should keep in mind while taking loan. It refers to the no. of years for which the loan has to be taken. Longer the tenure higher will be the interest paid and lower will be amount of EMI to be paid and vice-a-versa. It is one of the parameters which helps in comparing the EMIs from different banks keeping it constant for relationship and easing the judgement. Interest Rate (in percentage) Today there are many lenders in the market.Indexia Finance Home Loan Every bank is offering loans whether it’s a nationalised bank, private bank or foreign bank, each of them is there in the show. Every bank offers different rate of interest according to the profile of the customer. Before finalising a deal one should consider deals from various banks and than come to a conclusion. Be aware of the fact that some people might mislead you by charging high rate of interest at reducing rate and might inform the same at flat rate of interest. So, its always advisable to check full detail with the banks and do better comparison in respect of EMI, Tenure and Interest Rates and keeping tenure as constant with all the banks will ease your comparison and will result in better analysis, finally leading to a prudent decision.


EMI

EMI stands for equally monthly instalment: You need to pay a particular amount for the Home loan that you have taken. Eligible Loan Amount: The net loan amount for which you are eligible for your Home loan is said as Eligible Loan Amount. The loan amount that a Bank can sanction to you.

We are one of the best home loan provider in India.You may apply online at www.indexiafinance.com.



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Required Documents For Home Loan

Generally the documents required to processing your loan application are almost similar across all the banks. However they may differ with various banks depending upon specific requirement etc. Following documents are required by financial institutions to process the loan application.


Common Documents:-

Passport size photograph of the applicant & co-applicant

PAN card copy of the applicant & co-applicant

Adhar card copy of the applicant & co-applicant

Current address proof of the applicant & co-applicant

Income proof of the applicant & co-applicant

Last 12 months bank statement of the applicant & 6 months bank statement of the co-applicant


In case of Salaried :-

Copies of pay slips for last 6 months and TDS certificate

Employment certificate from the employer

Latest 2 years Form 16 issued by employer


In case of Self-employed :-

Copy of partnership deed if it is a partnership firm or copy of MOA and AOA if it is a company or Business Proof (Shop & Establishment Certificate, VAT, Sales Tax, GST, Service Tax, IEC) if it is a proprietorship firm

Copy of audited financial statements for the last 3 years

Profit and loss account for the last 3 years

Income tax assessment order

Company current address proof

GST certificate of the Company

Other Documents:-

All existing loan sanction letter if any.

Repayment schedule of existing EMI if any.

Agreement copy / booking slip / E-bill, OC & share certificate of the property which is going to buy.

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